|November 08, 2010|
Zimtu Capital Corp. Announces Involvement in Gold Property Transaction
|Zimtu Capital Corp. (TSXv: ZC) (FSE: ZCT1) (the "Company" or "Zimtu") is pleased to announce its involvement in Open Gold Corp's (TSXv: OPG) ("Open Gold") acquisition of the Eholt Gold Property located in southern British Columbia.|
Open Gold acquired the Eholt Property by way of a share exchange with the shareholders of the private company Knob Hill Silver Inc. ("Knob Hill") which held a 100-per-cent interest in the Eholt Property. Open Gold issued a total of five million common shares to acquire all of the issued shares of Knob Hill. The acquisition was Open Gold's Qualifying Transaction. Open Gold has commenced trading today, November 8, 2010, on the TSX Venture Exchange under the trading symbol "OPG."
Zimtu owned 375,000 common shares of Knob Hill which have been exchanged for Open Gold shares. The Company will also receive 425,000 common shares as a finder's fee for bringing Knob Hill and Open Gold together. Zimtu's total share position in Open Gold will be 800,000 common shares. Both the shares issued in respect of the acquisition of Knob Hill by Open Gold and issued as a finder's fee will be subject to a hold period expiring on March 6, 2011.
The Eholt Property is a large gold exploration property located in the Greenwood-Grand Forks area of southern British Columbia. The property is comprised of 16 minerals claims covering an area of 3,000 hectares. A large number of known zones of mineralization occur on the property. Most of the previous exploration, including 17 historic diamond drill holes, has been directed at the Dead Honda showing. Previous trenching and diamond drilling at the Dead Honda showing returned intercepts of 27.82 metres grading 2.7 g/t Au and 0.28% Cu (DDH 95-4) and 6.0 meters grading 5.2 g/t Au and 0.29% Cu (Trench 96-1). The zone has been tested over a strike length of less than 100 meters and mineralization remains open in all directions. An initial work program has been recommended for the Eholt Property that includes diamond drilling to test the Dead Honda as well as other skarn and epithermal showings on the property.
As part of the Company's business, Zimtu provides mineral property advisory services and helps to connect companies with mineral properties of interest. For additional information on our mineral property advisory services and available opportunities, contact Ryan Fletcher, Corporate Development and Director at 604.681.1568 or via email at .
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
President and Director
Tel: 604 681 1568
TF: 877 377 6222
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include that a work program has been recommended for the Eholt Property that includes diamond drilling and that the Company provides mineral property advisory services and helps to connect companies with mineral properties of interest.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
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